BaFin determines that compensation is payable to Greensill Bank AG’s depositors

Previously, on 15 March 2021, BaFin had requested that the Local Court of Bremen (Amtsgericht Bremen) open insolvency proceedings against Greensill Bank AG. On 16 March 2021, the Local Court of Bremen opened the proceedings and appointed an insolvency administrator.

The deposits of Greensill Bank AG’s customers are protected under the German Deposit Guarantee Act (Einlagensicherungsgesetz – EinSiG). The institution is a member of the Compensation Scheme of German Banks (Entschädigungseinrichtung deutscher Banken GmbH – EdB). As BaFin has determined that compensation is payable, the conditions have been fulfilled for the EdB to examine depositors’ claims and to satisfy these claims up to an amount of 100,000 euros – or 500,000 euros in certain exceptional cases. The EdB will contact the institution’s creditors in the near future.

Greensill Bank AG is also a member of the Deposit Protection Fund (Einlagensicherungsfonds) of the Association of German Banks (Bundesverband Deutscher Banken e. V. – BdB). In accordance with its bylaws, this Deposit Protection Fund assumes the part of the deposits exceeding the statutory limit – up to the applicable protection ceiling.